Weak Market Prompts Asian Nations to Rethink Strategic Stocks

摘要

Current low oil prices are prompting energy-hungry Asian governments to undertake different actions for their strategic petroleum reserves (SPR) initiatives. State Korea National Oil Corp. (KNOC) is currently discussing with the Seoul government the feasibility of achieving its strategic stockpiling target by 2010. KNOC was tasked in December 2006 with raising Korea's crude and products stockpiles to 141 million barrels from current 118 million bbl by 2010. These volumes include the impact of international joint stockpiles.